Most cryptocurrencies rose on Tuesday as the US election vote commenced. 

A spike in trading volumes accompanied the presidential elections, on hopes that Donald Trump, if won, would ease crypto regulations and boost economic performance. 

 Earlier today, bitcoin rallied 3.9% to $70120, while ripple rallied 3.45% to 51.4 cents, as ethereum rose 1.45% to $2459.

Dogecoin surged 16% to 17.44 cents after Elon Musk, a staunch supporter of the currency, won a lawsuit that would allow his political affiliation to award $1 million prizes to swing state voters. 

Crypto trading surged 19% in the last 24 hours to $90.93 billion, with total crypto value rising to $2.33 trillion according to Coinmarketcap.

However, data from the SoSoValue platform showed $541.1 million of capital exited bitcoin exchange funds yesterday at the US exchange, the second ever highest liquidity exit since launching the funds.

On latest trading, Dogecoin rose 6.1% on coinmarketcap as of 20:21 GMT to $0.1674. 

Bitcoin rose on Tuesday for the first time in seven days away from recent two-week lows. 

But the gains are limited as investors shun big positions before the US presidential election vote later today. 

The polls show a historically close race between Kamala Harris and Donald Trump, especially in swing states.

The Price 

Bitcoin rose 1.8% at Bitstamp to $69,047, with a session-low at $67,443.

On Monday, bitcoin lost 1.35%, the sixth loss in a row, hitting two-week lows at $66,798 as Harris took the lead in several US swing states polls. 

Crypto Market Value 

The market value of cryptocurrencies rose by $70 billion on Tuesday to a total of $2.402 trillion as both bitcoin and ethereum gained ground.

US Elections 

Latest opinion polls on the US presidential election showed a slight lead by Kamala Harris in some swing states, which caused instability in the markets and hurt the dollar’s standing. 

Harris’ chances of winning in the betting market surged to 54% from just 42% a week ago following recent polls. 

Trump is viewed as more supportive of cryptocurrencies and less lenient with their regulations. 

Gold prices rose in European trade on Tuesday and maintained gains for the second day as the US dollar lost ground against main rivals.

But the gains are limited as investors shun big positions before the US presidential election vote later today. 

The polls show a historically close race between Kamala Harris and Donald Trump, especially in swing US states.

Prices 

Gold prices rose 0.3% today to $2744 an ounce, with a week low at $2724. 

On Friday, gold rose by less than 0.1%%, which was the first profit in three sessions as both the dollar and US treasury yields sustained losses.

The Dollar

The US dollar fell 0.2% on Tuesday, about to touch two-week lows at 103.58 against a basket of major rivals. 

Dollar’s dip this week has been linked to polls showing Kamala Harris advancing suddenly by 3% in the swing state Iowa. 

The Fed

The Federal Reserve is convening on Wednesday to discuss and decide on monetary policies, with the decision released on Thursday. 

According to the Fedwatch tool, the odds of a 0.25% US interest rate cut in November stood at 99%.

SPDR

Gold holdings at the SPDR Gold Trust remained unchanged yesterday at 888.63 tons, the lowest since October 18.

Euro rose in European trade on Tuesday and maintained gains for the second day against the dollar, and traded near three-week highs on expectations the US-eurozone interest rate gap will shrink this week.

It comes before the US presidential election vote today amid a historically close race between Kamala Harris and Donald Trump.

The Price 

The EUR/USD rose 0.2% today to $1.0894, with a session-low at $1.0872.

The pair closed up 0.4% on Monday, the fifth profit in six days, hitting a six-week high at $1.0914 as the odds of a Harris win in several US swing states grew.

European Rates 

Data released last week showed consumer prices in the eurozone rose more than expected in October.

Total consumer prices in the eurozone rose 2% y/y in October, up from 1.7% in September. 

Core prices rose 2.7%, above estimates of 2.6%.

Following the data, the odds of an ECB 0.25% interest rate cuty in December plunged from 85% to 50%.

Interest Rate Gap

The eurozone-US interest rate gap is standing at 160 basis points in favor of the US, the largest since June 2022, however it will likely shrink  this week with an expected Federal Reserve interest rate cut.

US Elections 

Latest opinion polls on the US presidential election showed a slight lead by Kamala Harris in some swing states, which caused instability in the markets and hurt the dollar’s standing. 

Harris’ chances of winning in the betting market surged to 54% from just 42% a week ago following recent polls.